Brian Madigan LL.B., Broker
BRMadigan@Rogers.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300

Cell: 647-404-8150 
Toll Free: 1-888-507-0817

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RECO Toolkit #3

December 30, 2018 - Updated: December 30, 2018

RECO’s Toolkit #3
 

What follows is a series dealing with some publications by RECO to help the Consumer:
 

Real Estate Council of Ontario
 

5 tips for navigating an uncertain real estate market
 

For most of us, real estate transactions are the biggest financial transactions of our lives. So before you embark on the buying and selling process, here are some tips to help get you started in an uncertain market
 

  1. Shop around:

With more than 75,000 real estate representatives in Ontario, how  do you pick the one that is right for you? It’s always a good idea to meet with at least a few different real estate representatives before selecting who you will work with. Consider asking friends or family to recommend a broker or  salesperson. When you have your shortlist of representatives ready, consider asking these questions to find out which representative is right for you. It’s a great way to determine whether you and your rep will be on the same page.
 

1. Tell me about your real estate experience.

2. Tell me your general approach to buying or selling and how your approach would best suit my needs.

3. Tell me about the services you would provide and any different options or services that may or may not be included.

4. Tell me about the commission or fees I would pay.

5. Do you have references?
 

2. Look them up:

Before hiring a salesperson or broker, look them up using the search tool at the top-right corner of RECO’s website. Confirm they’re registered and in good standing.
 

Read and understand everything before you sign: 

It can be tempting to speed the process along by signing forms that you haven’t read. After all, nobody really likes reading the fine print. But taking the time to understand what you’re signing can avoid a lot of problems later on. 
 

Know your tolerance for risk: 

If you’re buying a home, you may be tempted to submit an offer without any conditions attached so that you can get a leg up on the competition. But are you comfortable taking on that level of risk? Can you afford to fix an issue with the home that an inspection otherwise may have detected? Will you be OK should you lose your deposit if a lender denies you financing? Consider all outcomes before committing to a decision.
 

Remember, you own the process: 

Your representative is a great source of information to offer guidance. But you’re in the driver seat. Don’t make a decision unless you are well informed and comfortable with it.

 

Looking for more information?

For more information on how RECO protects the public interest, please visit www.reco.on.ca or
call 1-800-245-6910.

 

Brian Madigan’s Annotated RECO Publication Toolkit #3
 

I have altered the presentation, but not changed any words, added italics and highlighting, as well as some “notes”.
 

Real Estate Council of Ontario
 

5 tips for navigating an uncertain real estate market
 

For most of us, real estate transactions are the biggest financial transactions of our lives. So before you embark on the buying and selling process, here are some tips to help get you started in an uncertain market:
 

  1. Shop around:

With more than 75,000 real estate representatives in Ontario, how do you pick the one that is right for you?
 

          Note: currently, this is running over 80,000. This is Item 1, but, it seems to end at Item 2. So where are the 5 tips. I assume that 3, 4 and 5 are just not                    numbered.
 

It’s always a good idea to meet with at least a few different real estate representatives before selecting who you will work with.
 

Note: this is assuming that you don’t know anyone, if you do, then that might be sufficient.
 

Consider asking friends or family to recommend a broker or salesperson.
 

Note: I am not impressed with this comment. Let’s assume for the moment, that they don’t know anything more than you might know, then, this would be the wrong source. Consider a recommendation from your own lawyer or your own accountant. They should have some experience.
 

When you have your shortlist of representatives ready, consider asking these questions to find out which representative is right for you. It’s a great way to determine whether you and your rep will be on the same page.
 

1. Tell me about your real estate experience.

2. Tell me your general approach to buying or selling and how your approach would best suit my needs.

3. Tell me about the services you would provide and any different options or services that may or may not be included.

4. Tell me about the commission or fees I would pay.

5. Do you have references?
 

          Note: these are all good questions. I think these are simply 5 questions, not the 5 tips.
 

2. Look them up:

 

Before hiring a salesperson or broker, look them up using the search tool at the top-right corner of RECO’s website.
 

Confirm they’re registered and in good standing.
 

Note: no news, is “good news” here. However, if there is an issue, namely a discipline decision, you should request some further information rather than simply eliminating the person from your search.
 

Read and understand everything before you sign: 

 

It can be tempting to speed the process along by signing forms that you haven’t read.
 

          Note: please, READ the documents.
 

After all, nobody really likes reading the fine print.
 

Note: I can tell you that there’s fine print which you will wish to change. So, ask for an explanation, and make appropriate changes as required.
 

But taking the time to understand what you’re signing can avoid a lot of problems later on. 
 

          Note: sorting out issues later, can be extremely costly.
 

Know your tolerance for risk: 

 

If you’re buying a home, you may be tempted to submit an offer without any conditions attached so that you can get a leg up on the competition.
 

But are you comfortable taking on that level of risk?
 

Can you afford to fix an issue with the home that an inspection otherwise may have detected?
 

Will you be OK should you lose your deposit if a lender denies you financing?
 

Consider all outcomes before committing to a decision.
 

Note: these issue all need to be covered beforehand. Make sure that the agent is actually providing you here with advice. Just reciting the facts is not going to help you. Start with the basic proposition that you are not an expert in buildings, so you would need a home inspector to examine the property on your behalf. Also, be sure to have a mortgage approval condition. If these two matters are to be eliminated, then, how are you protected and what happens? And, get this in writing, if you can!
 

Remember, you own the process: 

 

Your representative is a great source of information to offer guidance.
 

But you’re in the driver seat.
 

Don’t make a decision unless you are well informed and comfortable with it.


Note: your money, your contract, your house if it closes, your lawsuit if it doesn’t.

 

Looking for more information?
 

For more information on how RECO protects the public interest, please visit www.reco.on.ca or
call 1-800-245-6910.

 

 

COMMENT
 

Here’s the link to the RECO website for a “PDF”:
 

http://www.reco.on.ca/wp-content/uploads/RECO-5-Tips-to-Navigate-Uncertain-Market.pdf

 

If you would like some additional information about any of the issues raised here, then please give me a call.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Phone: 416-745-2300

BRMadigan@Rogers.com

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